Widigdya, Singgih (2025) DAMPAK CARBON EMISSION DISCLOSURE DAN PERINGKAT PROPER TERHADAP FIRM VALUE: EFEK MODERASI PROFITABILITY PADA PERUSAHAAN KELAPA SAWIT DI INDONESIA. Master thesis, UNIVERSITAS SULTAN AGENG TIRTAYASA.
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Abstract
This study examines the impact of Carbon Emission Disclosure (CED) and PROPER Rating on the value of palm oil companies in Indonesia, as well as the moderating role of profitability (Return on Assets/ROA) in these relationships. Using moderation regression analysis with Hayes PROCESS Macro Model 1, controlling for firm size, growth, and age, data from 42 companies spanning 2021–2023 were analyzed. Results reveal that CED has a significant negative effect on firm value, while the PROPER rating has a weak partial effect. Profitability significantly moderates the relationship between CED and firm value by mitigating CED’s negative impact in more profitable firms but does not moderate the PROPER–value relationship. These findings highlight that profitability strengthens market responses to voluntary sustainability disclosures like CED. Conversely, profitability does not moderate normative, regulation-based disclosures such as PROPER Rating, which the market has yet to fully integrate as a primary determinant in firm valuation within this context.
| Item Type: | Thesis (Master) | |||||||||
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| Additional Information: | Penelitian ini bertujuan mengkaji pengaruh Carbon Emission Disclosure (CED) dan Peringkat PROPER, terhadap nilai perusahaan kelapa sawit di Indonesia, serta peran moderasi profitabilitas (Return on Assets/ROA) dalam hubungan tersebut. Metode yang digunakan adalah analisis regresi moderasi dengan Hayes PROCESS Macro Model 1, termasuk variabel kontrol ukuran, pertumbuhan, dan usia perusahaan, pada data 42 perusahaan selama 2021-2023. Hasil menunjukkan CED berpengaruh negatif signifikan terhadap nilai perusahaan, sementara Peringkat PROPER berpengaruh secara parsial. Profitabilitas secara signifikan memoderasi hubungan CED dan nilai perusahaan, melemahkan efek negatif CED pada perusahaan yang lebih menguntungkan, namun tidak memoderasi hubungan Peringkat PROPER dengan nilai perusahaan. Temuan ini menegaskan bahwa profitabilitas memperkuat respons pasar terhadap pengungkapan keberlanjutan yang bersifat sukarela, seperti Carbon Emission Disclosure (CED). Sebaliknya, profitabilitas tidak menunjukkan peran moderasi terhadap pengungkapan yang bersifat normatif dan berbasis regulasi, seperti Peringkat PROPER, yang dalam konteks penelitian ini belum sepenuhnya diakomodasi pasar sebagai determinan utama dalam penilaian nilai perusahaan. | |||||||||
| Uncontrolled Keywords: | Carbon Emission Disclosure, PROPER Rating, Return on Assets, Firm Value, Moderated Regression Carbon Emission Disclosure, Peringkat PROPER, Return on Assets (ROA), Nilai Perusahaan, Regresi Moderasi | |||||||||
| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management | |||||||||
| Divisions: | 05-Fakultas Ekonomi dan Bisnis 08 Pascasarjana > 61101-Magister Manajemen |
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| Depositing User: | Tn Singgih Widigdya | |||||||||
| Date Deposited: | 01 Sep 2025 06:41 | |||||||||
| Last Modified: | 01 Sep 2025 06:41 | |||||||||
| URI: | http://eprints.untirta.ac.id/id/eprint/51017 |
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